Market Insights Technology Cybersecurity Security Services

Professional Services - Kenya

Kenya

In Kenya, the revenue in the Professional Services market is estimated to reach US$17.98m in 2024.
It is projected to demonstrate an annual growth rate (CAGR 2024-2029) of 7.79%, leading to a market volume of US$26.16m by 2029.
Additionally, the average Spend per Employee in the Professional Services market is projected to reach US$0.68 in 2024.
When compared globally, United States is expected to generate the highest revenue of US$34,430.0m in 2024.
Kenya is experiencing a surge in demand for professional services as the country's economy continues to grow rapidly.

Key regions: India, Chile, Spain, Saudi Arabia, Belgium

Market

Region

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Currency

Methodology

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.